Worksport (NASDAQ:WKSP) Cut to “Hold” at Maxim Group

Maxim Group lowered shares of Worksport (NASDAQ:WKSP) from a buy rating to a hold rating in a research report sent to investors on Friday, MarketBeat reports.

Several other equities analysts have also recently commented on the company. Wall Street Zen cut Worksport from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Weiss Ratings restated a “sell (e+)” rating on shares of Worksport in a research note on Friday, October 2nd. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Worksport currently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Worksport Stock Performance

Shares of Worksport stock opened at $0.28 on Friday. Worksport has a 12 month low of $0.27 and a 12 month high of $3.20. The stock has a market capitalization of $5.66 million, a price-to-earnings ratio of -0.12 and a beta of 0.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.79 and a quick ratio of 0.72. The firm’s fifty day simple moving average is $0.44 and its 200-day simple moving average is $0.93.

Worksport (NASDAQ:WKSP) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.11. The business had revenue of $5.23 million during the quarter, compared to analysts’ expectations of $4.50 million. Worksport had a negative return on equity of 102.57% and a negative net margin of 114.49%.

About Worksport

Worksport Ltd. (NASDAQ: WKSP) develops and manufactures tonneau covers and related products for pickup trucks. Its covers are designed to protect cargo, improve vehicle utility, and provide an alternative to conventional truck-bed coverings. The company serves the automotive aftermarket and targets owners of pickup trucks across North America.

Worksport’s product portfolio includes hard and soft folding tonneau covers, including its COR line of hard-shell covers. The company is also developing SOLIS, a solar-integrated tonneau cover designed to generate electricity from sunlight, and COR battery-related products intended to store and supply portable power.